The global medical packaging market is expected to grow at a high CAGR over the forecast period. This growth is mainly attributed to rising demand for better healthcare & medical facilities. Along with this, rising population coupled with growing medical awareness is also likely to stimulate the market for medical packaging.
Moreover, increasing disposable income in developing countries is also likely to increase the expenditure on healthcare which is further expected to augment market growth over the coming years. However, fluctuations in price of raw materials are projected to affect the profitability of market.
Medical Packaging Market: Material Insights
On the basis of material, the industry is segmented into polymer, non-woven fabric, and paper & paperboard among others. The polymer segment is further segregated into PVC, Polyethylene Terephthalate (PET) and PE.The market for polymers is expected to occupy the highest share owing to rising production of protective wraps, intravenous blood bags, manufacturing bags & pouches, and protective wraps among others.
Medical Packaging Market: Packaging Insights
By packaging, the industry is segmented intobags & pouches, trays and boxes among others. The bags & pouches segment is anticipated to register a significant growth rate over the forecast period on account of factors such as easy handling, ease in storing, protection against light & moisture and light weightiness among others. Moreover, increasing application for the product by end users for polymers and non-woven fabric among others.
Medical Packaging Market: Packing Insights
On the basis of packing, the industry is segmented into primary, secondary, and tertiary packaging. The primary segment is projected to grow at a healthy CAGR owing to its importance as a first-level medical product packaging.
Medical Packaging Market: Application Insights
Botanical extracts finds its application in medical equipment & tools, medical devices, implants and in-vitro diagnostic products (IVD’s). The medical equipment & tools segment is anticipated to dominate the market over the forecast period owing to rising application of the product in hospitals globally. The medical devices segment is also expected to register a significant growth rate on account of increasing number of medical devices used in the healthcare sector.
Medical Packaging Market: Regional Insights
North America occupied the largest share of this market since the past few years. This can be attributed to developing healthcare infrastructure in this region. Along with this, increasing regulations associated with medical packaging coupled with rising living standard of consumers.
Medical Packaging Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Medical Packaging Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase medical packaging over the coming years. Some leading consumers of this market are Johnson & Johnson, Roche, Merck & Co, Siemens AG, and Medtronic Inc.
Medical Packaging Market: Market Share & Competitor Analysis
The global market for this product is expected to be significantly large due to the presence of numerous manufacturers. The key players includeAvery Dennison Corporation, 3M Company, CCL Industries, Inc., Sonoco Products Company, Amcor Limited, Constantia Flexibles Group GmbH, Bemis Company, WestRock Company, and E. I. du Pont de Nemours and Company.
In January 2018, Berry Global Inc. introduced two innovative medical packaging products: DuraMed and DirectSeal. DuraMed is a solution for form-fill-seal packages, header bags, and peel pouches. DuraMed has excellent barrier properties, clean peel, and high resistance to tear & puncture. DirectSeal is a film with sealant technology that provides cost advantages by removing the need for a matching coated substrate for applications such as form-fill-seal, header bags, and peel pouches.
In January 2018, MPX Bioceutical Corporation announced entering into an agreement with Panaxia Pharmaceutical Industries Ltd. As per the agreement, Panaxia is to provide the capital & equipment to build & equip the manufacturing facility and will supply non-active ingredients & compounds for formulation & packaging.
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